As businesses begin to enter the information age and fully embrace technology, there are a number of tools that they have at their disposal to improve their processes. However, while these large array of tools and software solutions may seem overwhelming, they can truly help businesses to overhaul their processes and increase everything from employee efficiency to customer acquisition and retention rates. These applications range from time tracking software to customer behavior tracking, all of which can be used to better optimize your processes.
One key tool that all companies transitioning to a digital-first model should use is a CRM. But what is a CRM? CRM stands for customer relationship management software, and the function of this software is to store and analyze customer data. CRMs can be used both by sales and marketing departments to qualify leads and create targeted marketing campaigns. Business can also use it to keep track of invoicing and analyze the efficacy of sales outreach and marketing campaigns. They can also use a CRM to track a customer’s lifecycle throughout their experience with your company. This can be tracked from the first ‘touch’ all the way to cancellation and even subsequent follow-up.
Ideally, the goal of any business should be to retain their customer as long as possible while gaining new ones. This is provided that the current customers do not cause undue headaches for the business. In fact, this can be very bad for employee morale and can make your business suffer in a variety of ways. Instead, what the process should be is to gain new quality customers and only retain those that provide value to your business. Even if this causes a short-term loss in revenue, it is important to make this distinction.
By using a CRM, you can track all customer interactions and complaints with the customer experience team and better respond to them. You can also use the reporting features to identify patterns with problem customers. Perhaps there is something in your business processes that is causing relations to sour with customers, so it makes a lot of sense to be able to identify this as soon as possible so you can increase customer happiness while maintaining a solid customer retention rate.
Without a CRM to help you, you will be flying blind when it comes to interacting with your customers. Not only will you be unable to track every single time you interact with a customer, but you will also have difficulties retaining customers and identifying patterns with customer complaints. Furthermore, a CRM can help increase communication between the sales and marketing teams, which can often lead to gaining more qualified leads in the first place. By gaining more qualified leads, you can hopefully have a more positive customer interaction process and make sure that the leads have had their expectations correctly set by your sales pitches and marketing materials. While a CRM is not a silver bullet, it is an excellent solution that should be used with customer experience in mind in order to improve your processes when it comes to interacting with your customers and demonstrating the most value to them possible.